Parents

The Job Market

Market analysts speculate that in 2009, overall unemployment could reach 8.5 percent.  Furthermore, they say, unemployment for those with a bachelor’s degree or better is likely to climb from the current 3.1 percent, to 3.7 percent, while unemployment for young bachelor’s degree holders figures to bump up from the current estimate of 3.4 percent to an estimated 4.1 percent. 

While jobs are not likely to be plentiful, replacement openings caused by the aging of the work force could be.  The average employee age is currently 41, which is up from 35 in 1980.  To offset the impact of worker retirements, employers are developing succession strategies centered on college recruiting, and some fields look particularly promising.  In the next few years, elementary and secondary education and information technology are the best prospects for new grads.  Meanwhile, healthcare positions, particularly in nursing are also attractive options.

The Good News

Despite college graduates suffering the same fate of layoffs, cutbacks and reduced paychecks as everyone else, there is some bright news for this particular group of job seekers. They bounce back quicker.  That’s the conclusion of a report by the Associated Press, which concluded “it still pays to have a college degree.”

College graduates are faring much better than the labor force as a whole, the report states. In December, the graduation rate was 3.7 percent, compared with 7.2 percent for the general population, regardless of whether they hold a degree or not.  The reason is simple: A degree usually leads to a higher-paying job. And if that job goes away, it’s easier to step up and down the career ladder until times get better.  The same held true during the last deep recession, in the early 80s, numbers how. The 3.9 percent unemployment record in 1983 for college grads compared with the overall jobless rate of 10.4 percent.

The power of a degree has been partly diluted by the broader college attendance. Ten percent of the workers had a college degree in 1973, as compared to 21 percent in 2007, according to the Economic Policy Institute.  “Back in the 70s and 80s, a much smaller percentage of the work force had a college degree,” said Steven J. Davis, a scholar with the American Institute think tank in Washington DC. “When your mother told you to get a college degree so you can get a secure job, well, that was a much more powerful track to a secure job.”

How Parents Can Help

So, how can you help your student in terms of career development?  Now more than ever, be sure to encourage the use of PLU’s career services!  Let them know that we offer career assessments to help students choose their majors and career direction.  We also have on line resources to assist them in their research of careers and the current labor market.  On the PLU career development website they can use the job posting service and find employment opportunities.

Each semester the offices of Career Development and Academic Internships/Cooperative Education coordinate a Career, Internship, & Graduate Program Fair. This two-day event connects Pacific Lutheran students with potential employers, internship providers and graduate schools. Networking with potential employers is an important step on the path to a job lead or even a job offer!  Starting the networking process on-campus makes it convenient and less intimidating. 

This spring the fair is in the University Center from 11:00a.m. until 1:00 p.m. on March 4th and 5th.

Each day of the fair presents unique opportunities depending on your student’s area of interest.  On March 4th, employers from business and private corporations, hospitals and health care providers, and the military are invited. Later on in the afternoon from 3-5p.m. School District representatives come to meet with students preparing for careers in education.  On March 5th, employers from non-profits, state and government agencies, and graduate programs are invited. For the specific schools, companies and other employers who will be in attendance please visit the Career Development website closer to the event!

In preparation for this fair, the offices of Career Development and Academic Internships/Cooperative Education coordinate a number of skill building workshops and events. Students can learn how to write an effective resume, interview like a pro, and develop a strategy for presenting themselves to employers at the fair.  A complete list of opportunities and tips for preparing for the fair will be available on the Career Development website.